Legalize / Ireland / Act

Finance Act 2014

Type Act

Publication 2014-12-23

Last updated 2016-12-25

State In force superseded text

Text As published

Source Irish Statute Book

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articles 101

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

2 amending acts · 2016-12-25, FINANCE ACT 2016

Act to provide for the imposition, repeal, remission, alteration and regulation of taxation, of stamp duties and of duties relating to excise and otherwise to make further provision in connection with finance including the regulation of customs.,

Reform history JSON API

“(6A)

(a) A subsequent administrator or a fund administrator, as the case may be, shall keep and retain a certificate referred to in subsection (3B) or a copy certificate referred to in subsection (3C), as appropriate, and
(b) an administrator, subsequent administrator and fund administrator shall keep and retain a copy of a notification referred to in subsection (3D),

for a period of 6 years following—

- (i) in the case of an administrator, the date of the benefit crystallisation event giving rise to the chargeable excess tax or, where a transfer amount has been applied and the administrator and the subsequent administrator are the same person, the later of that date and the date of crystallisation of the non-member’s retirement benefit under the transfer arrangement,

- (ii) in the case of a subsequent administrator in any other circumstance, the later of the date of crystallisation of the non-member’s retirement benefit under the transfer arrangement and the date of receipt of the certificate, or

- (iii) in the case of a fund administrator, where the administrator and the fund administrator are the same person, the date of the benefit crystallisation event giving rise to the chargeable excess tax, and in any other circumstance, the date of receipt of the certificate or copy certificate, as the case may be,

  and on being so required by a notice given to the administrator in writing by an officer of the Revenue Commissioners make available to the officer within the time specified in the notice such certificates, copy certificates or notifications specified therein.”,

(d) in section 787RA—

(i) in subsection (1) by inserting “(including, where the provisions of section 787R(2A) apply, an individual who is a relevant member of a relevant pension arrangement)” after “in relation to an individual in respect of a relevant pension arrangement”,

(ii) in subsection (1) by inserting “or the relevant individual’s appropriate share of that tax, as the case may be,” after “the income tax on the chargeable excess”,

(iii) in subsection (3) by inserting “or the appropriate share of that tax, as the case may be,” after “the chargeable excess tax” wherever it occurs,

(iv) in subsection (8) by inserting “or the appropriate share of that tax, as the case may be” after “a chargeable excess tax”, and

(v) by inserting the following subsection after subsection (8):

“(9) Where the provisions of section 787R(2A) apply, this section shall, with any necessary modifications, apply to the non-member in respect of the non-member’s appropriate share of the chargeable excess tax.”,

and

(e) in section 787S—

(i) in subsection (1) —

(I) by substituting “within 3 months from” for “within 3 months of”, and

(II) by substituting the following for paragraph (e):

“(e) details of the tax which the administrator is required to account for in relation to the chargeable excess,

and where the administrator is the administrator of a relevant pension arrangement to which section 787R(2A) applies the return shall also contain—

- (i) where no transfer amount has been applied—

    - (I) the name, address and PPS Number of the non-member, and

    - (II) instead of the details referred to in paragraph (e), details of the relevant member’s and non-member’s appropriate share of the tax which the administrator is required to account for in relation to the chargeable excess,

      and

- (ii) where a transfer amount has been applied—

    - (I) other than where the administrator, subsequent administrator and fund administrator are the same person, the name, address and telephone number of the subsequent administrator or fund administrator, as the case may be,

    - (II) the name, last known address and, where known, the PPS Number of the non-member, and

    - (III) instead of the details referred to in paragraph (e), the amount of, and the basis of calculation of—

    - (A) the relevant member’s appropriate share of the tax that the administrator is required to account for, and

    - (B) the non-member’s appropriate share of the tax that the subsequent administrator or fund administrator, as the case may be, is required to account for by way of a separate return under this section.”,

(ii) by inserting the following after subsection (1):

“(1A) Where the provisions of section 787R(2A) apply and a transfer amount has been applied, then—

(a) where the transfer arrangement is the relevant pension arrangement of the relevant member, the subsequent administrator, within 3 months from—

(i) the end of the month in which the benefit crystallisation event giving rise to the chargeable excess tax occurs where, at the date of that event, the non-member is in receipt of a pension payable from the transfer arrangement,

(ii) the end of the month in which a sum representing the non- member’s accrued rights under the transfer arrangement (in this paragraph referred to as the ‘first-mentioned arrangement’) is transferred (in whole or in part) to another relevant pension arrangement, or

(iii) the end of the month in which the non-member’s retirement benefit under the first-mentioned arrangement crystallises,

or

(b) where the transfer arrangement is not the relevant pension arrangement of the relevant member and the subsequent administrator has received a certificate referred to in section 787R(3B), the subsequent administrator, within 3 months from—

(i) the end of the month in which the subsequent administrator receives the certificate where, at the date of receipt of the certificate, the non-member is in receipt of a pension payable from the transfer arrangement,

(ii) the end of the month in which a sum representing the non- member’s accrued rights under the transfer arrangement (in this paragraph referred to as the ‘first-mentioned arrangement’) is transferred (in whole or in part) to another relevant pension arrangement, or

(iii) the end of the month in which the non-member’s retirement benefit under the first-mentioned arrangement crystallises,

or

(c) where—

(i) the fund administrator has received a certificate or copy certificate referred to in section 787R(3C), the fund administrator within 3 months from the end of the month in which the certificate or copy certificate is received, or

(ii) the fund administrator and the administrator of the pension arrangement in respect of which the benefit crystallisation event giving rise to the chargeable excess tax arises, are the same person, the fund administrator within 3 months from the end of the month in which the benefit crystallisation event occurs,

as the case may be, shall—

(i) make a return to the Collector-General which shall contain—

(I) the name, address and telephone number of the subsequent or fund administrator, as the case may be,

(II) the name, address and PPS Number of the non-member,

(III) the name, address and telephone number of the administrator of the relevant pension arrangement from which the transfer amount arose,

(IV) the amount of, and the basis of calculation of, the non-member’s appropriate share of the tax, and

(V) the amount of the non-member’s appropriate share of the tax which the subsequent or fund administrator, as the case may be, is required to account for,

and

(ii) where the amount of the non-member’s appropriate share of the tax which the subsequent or fund administrator is required to account for is less than the amount of that share, notify the non-member in writing at the time the return to the Collector-General is made of that fact and that the balance (being the difference between the amount of the appropriate share and the amount of that share to be accounted for by the subsequent or fund administrator) is due and payable by the non-member to the Collector-General in accordance with this section within 3 months from the date of the notification.

(1B) Where a notification referred to in subsection (1A)(ii) is sent to a non-member, a copy of the notice shall be sent by the fund administrator or the subsequent administrator, as the case may be, to the Revenue Commissioners at the same time.

(1C) Where a non-member receives a notification referred to in subsection (1A)(ii) or a notification referred to in section 787R(3D) (in the circumstance referred to in section 787R(3E)), he or she shall within 3 months from the date of the notification make a return to the Collector-General which shall contain—

(a) the name, address and telephone number of the subsequent or fund administrator, as the case may be,

(b) the name, address and PPS Number of the non-member,

(c) the amount of the non-member’s appropriate share of the tax,

(d) the amount of the non-member’s appropriate share of the tax accounted for by the subsequent or fund administrator, as the case may be, and

(e) the amount of the non-member’s appropriate share of the tax which the non-member is required to account for.”,

(iii) in subsection (3) by substituting “(including a relevant member’s or non- member’s appropriate share of that tax) which a person is required to account for, in whole or in part,” for “which a person is required to account for”, and

(iv) in subsection (5) by inserting “or, where the provisions of section 787R(2A) apply, whether of the subsequent administrator, fund administrator, relevant member or non-member, as the case may be” after “whether of the administrator of a relevant pension arrangement or the individual”.

(5) Chapter 4 of Part 30 of the Principal Act is amended—

(a) in section 790D(1) —

(i) by substituting the following for paragraph (g) of the definition of “excluded distribution”:

“(g) a distribution made for any of the purposes set out in section 784A(3A);”,

and

(ii) by substituting the following for B in the formula in the definition of “specified amount”:

“B is—

(a) where the relevant value is not greater than €2,000,000—

(i) 4, where the individual is not aged 70 years or over for the whole of the tax year, or

(ii) 5, where the individual is aged 70 years or over for the whole of the tax year,

or

(b) 6, where the relevant value is greater than €2,000,000,”,

and

(b) by inserting the following after section 790D:

“Taxation of certain investment returns to relevant pension arrangements

790E. (1) Notwithstanding any other provisions of this Part or Part 19, where the amount to be regarded as a distribution for the purposes of section 784A is determined in accordance with subsection (1B)(h) of that section, then the provisions of section 774(3), 784(4), 785(5), 787I(1), 608(2) or 608(3) shall not apply to any income or gains, to which those provisions would, but for this section, otherwise apply, that arise to the pension investor (within the meaning of subsection (1B)(h) of section 784A) where the circumstances described in subparagraphs (i) and (ii) of subsection (1B)(h) of section 784A arise.

(2) The income or gains referred to in subsection (1) shall be chargeable to tax on the trustees or administrator of the pension investor, referred to in that subsection, under Case IV of Schedule D.”.

(6) The following provisions of this section shall have effect on and from 1 January 2015:

(a) subsection (1) ;

(b) subsection (2)(a)(iv) and (b);

(d) subsection (4) ; and

(e) subsection (5)(a).

(7) The following provisions of this section shall have effect on and from 23 October 2014:

(a) subsection (2)(a)(i) to (iii);

(b) subsection (3)(b); and

Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax

20. Farm taxation

20. Chapters 1 and 2 of Part 23 of the Principal Act are amended—

(a) in section 657—

(i) in subsection (1), in the definition of “an individual to whom subsection (1) applies”, by substituting the following for “but paragraphs (b) and (d) shall not apply in a case where the wife of an individual is treated for tax purposes as not living with her husband, or the civil partner of an individual is treated for tax purposes as not living with his or her civil partner;”:

“but—

(i) a reference to a trade in paragraphs (a) and (b) does not include a trade—

(I) which is ancillary to the trade of farming, and

(II) which is carried on by the individual or his or her spouse or civil partner on the farm land (within the meaning of section 664) used by the individual for the trade of farming,

and

(ii) paragraphs (b) and (d) shall not apply in a case where the wife of an individual is treated for tax purposes as not living with her husband, or the civil partner of an individual is treated for tax purposes as not living with his or her civil partner;”,

(ii) in subsection (4)(b) by substituting “any of the 4” for “either of the 2”,

(iii) by inserting the following after subsection (4):

“(4A) Where an individual was first charged to tax in accordance with subsection (5) for the year of assessment 2014, then the individual shall be charged to tax for the year of assessment 2015 in accordance with that subsection as if a reference in that subsection to 5 years was a reference to 4 years.”,

(iv) in subsection (5) by substituting “5 years” for “3 years” in each place,

(v) by substituting the following for subsection (7):

“(7) Subject to subsection (7A), where for a year of assessment an individual is by virtue of subsection (6) chargeable to income tax in respect of profits or gains from farming in accordance with subsection (5) and the individual was so chargeable for each of the 5 years of assessment immediately preceding the year of assessment, he or she may, on including a claim in that behalf with the return required under Chapter 3 of Part 41A for the year of assessment, elect to be charged to tax for that year of assessment in accordance with Chapter 3 of Part 4; but where in the case of an individual subsection (6) does not apply for any year of assessment by reason of paragraph (b)(i) of that subsection, the individual shall be deemed to be entitled to elect and to have duly elected, as respects that year of assessment, in accordance with this subsection.”,

(vi) by inserting the following after subsection (7):

“(7A)

(a) Where as respects the year of assessment 2015 an individual duly elects or is deemed to have elected in accordance with subsection (7) that subsection shall be construed as if a reference to 5 years in that subsection was a reference to 3 years, and

(b) where as respects the year of assessment 2016 an individual duly elects or is deemed to have elected in accordance with subsection (7) that subsection shall be construed as if a reference to 5 years in that subsection was a reference to 4 years.”,

(vii) in subsection (8) —

(I) by substituting the following for paragraph (b):

“(b) there shall be made such assessment or assessments, if any, as may be necessary to secure that the amount of profits or gains from farming on which the individual who, in respect of the year of assessment 2015 duly elects or is deemed to have elected in accordance with subsection (7) is charged for each of the years of assessment 2012 and 2013, shall be not less than the amount on which the individual was charged by virtue of subsection (6) in accordance with subsection (5) for the year of assessment 2014,”,

and

(II) by inserting the following after paragraph (b):

“(c) notwithstanding section 959Z, there shall be made such assessment or assessments, if any, as may be necessary to secure that the amount of profits or gains from farming on which the individual, in the case of an individual referred to in subsection (4A), is charged to tax for each of the 3 years immediately preceding the year preceding the year of assessment as respects which the individual elects or is deemed to have elected in accordance with subsection (7), shall be not less than the amount on which the individual is charged by virtue of subsection (6) in accordance with subsection (5) for the preceding year of assessment, and

(d) in any other case, notwithstanding section 959Z, there shall be made such assessment or assessments, if any, as may be necessary to secure that the amount of profits or gains from farming on which the individual is charged to tax for each of the 4 years immediately preceding the year preceding the year of assessment as respects which the individual elects or is deemed to have elected in accordance with subsection (7), shall be not less than the amount on which the individual is charged by virtue of subsection (6) in accordance with subsection (5) for the preceding year of assessment.”,

and

(viii) by substituting the following for subsection (11):

“(11) Where for any year of assessment a loss is aggregated with profits or gains in accordance with subsection (5)(b) and the amount of the loss is in excess of the profits or gains—

(a) in the case of an individual referred to in subsection (4A), one-quarter of the amount of such excess shall be deemed for the purposes of Chapter 1 of Part 12 to be a loss sustained in the trade of farming in the final year of the 4 years, and

(b) in any other case, one-fifth of the amount of such excess shall be deemed for the purposes of Chapter 1 of Part 12 to be a loss sustained in the trade of farming in the final year of the 5 years,

on the average of the profits or gains of which the individual is to be charged to tax for that year of assessment, and any loss so aggregated shall not be eligible for relief under any provision of the Income Tax Acts apart from this subsection.”,

(b) in section 664(1)(a) —

(i) by substituting the following for the definition of “qualifying lessee”:

“‘qualifying lessee’, in relation to a qualifying lessor or qualifying lessors, means, as the case may be—

(i) an individual who—

(I) is not connected with the qualifying lessor or with any of the qualifying lessors, and

(II) uses any farm land leased from the qualifying lessor or the qualifying lessors for the purpose of a trade of farming carried on solely or in partnership,

or

(ii) a company which—

(I) is not connected with the qualifying lessor or with any of the qualifying lessors,

(II) is not controlled either directly or indirectly by any person who is connected with the qualifying lessor or with any of the qualifying lessors, and

(III) uses any farm land leased from the qualifying lessor or the qualifying lessors for the purpose of a trade of farming carried on solely or in partnership;”,

(ii) in the definition of “qualifying lessor” by deleting subparagraph (i),

(iii) in subparagraph (ii)(VIII) of the definition of “the specified amount” by substituting “in the period beginning on 1 January 2007 and ending on 31 December 2014” for “on or after 1 January 2007”,

(iv) in the definition of “the specified amount” by inserting the following after subparagraph (ii)(VIII):

“(IX) on or after 1 January 2015—

(A) €40,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 15 years or more,

(B) €30,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 10 years or more, other than a case to which clause (A) applies,

(C) €22,500, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, other than a case to which either clause (A) or clause (B) applies, and

(D) €18,000, in any other case,”,

and

(v) in subparagraph (iii) of the definition of “the specified amount” by substituting “, (VIII) or (IX),” for “or (VIII),”,

“(vi) from a qualifying lease or qualifying leases made in the period beginning on 1 January 2007 and ending on 31 December 2014, and from a qualifying lease made before 1 January 2007, the specified amount shall not exceed—

(I) €20,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 10 years or more,

(II) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, other than a case to which clause (I) applies, and

(III) €12,000, in any other case;

(vii) from a qualifying lease or qualifying leases made on or after 1 January 2015, and from a qualifying lease made at any other time, the specified amount shall not exceed—

(I) €40,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 15 years or more,

(II) €30,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 10 years or more, other than a case to which clause (I) applies,

(III) €22,500, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, other than a case to which either clause (I) or clause (II) applies, and

(IV) €18,000, in any other case.”,

(d) in section 667B, in paragraph 2 of the Table to that section:

(i) in subparagraph (p) by substituting “Applied Agriculture,” for “Applied Agriculture.”, and

(ii) by inserting the following after subparagraph (p):

“(q) Bachelor of Science (Honours) in Sustainable Agriculture.”,

and

(e) in section 667C(3A) by substituting the following for paragraph (b):

“(b) Subject to paragraph (c), a specified person shall be entitled to relief in respect of relevant deductions of an amount not exceeding €7,500 in the aggregate in the qualifying period.

(c) In the case of a qualifying period commencing on or after 1 January 2014, a specified person shall be entitled to relief in respect of relevant deductions of an amount not exceeding €15,000 in the aggregate in that qualifying period.”.

21. Amendment of section 206 of Principal Act (income from investments)

21. Section 206 of the Principal Act is amended—

(a) by renumbering the existing provision as subsection (1), and

(b) by inserting the following after subsection (1):

“(2) The Minister for Social Protection shall be entitled to exemption from tax in respect of the income derived from accounts held under section 9 of the Social Welfare Consolidation Act 2005.”.

22. Amendment of Chapter 4 of Part 8 of Principal Act (interest payments by certain deposit takers)

22.

(1) Chapter 4 of Part 8 of the Principal Act is amended by inserting the following section after section 266:

“Repayments of appropriate tax to first-time purchasers

266A. (1) In this section—

‘completion value’, in relation to a dwelling, means the price which the unencumbered fee simple of the dwelling might reasonably be expected to fetch on a sale in the open market were that dwelling to be sold on the relevant completion date in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the dwelling and with the benefit of any easement necessary to afford the same access to the dwelling as would have existed prior to that sale;

‘first-time purchaser’ means a person, being an individual who, at the time of a relevant purchase or on the relevant completion date, as the case may be, has not, either individually or jointly with any other person or persons, previously purchased or previously built directly or indirectly on his or her own behalf any other dwelling;

‘relevant completion’ means the completion of the construction of a new dwelling, on or after 14 October 2014 and on or before 31 December 2017, to a standard where it is suitable for immediate occupation as a dwelling and the dwelling—

(a) has been built directly or indirectly—

(i) on his or her own behalf by a first-time purchaser only, for occupation as his or her place of residence, or

(ii) on their own behalf by more than one person, where each such person is a first-time purchaser only, for occupation as their place of residence,

and

(b) is constructed on property conveyed or transferred, on or before 31 December 2017, into the name or names of the first-time purchaser or first-time purchasers only, as the case may be;

‘relevant completion date’, in relation to a relevant completion, means the date on which the dwelling becomes suitable for immediate occupation as a dwelling;

‘relevant purchase’ means the conveyance or transfer of a dwelling on or after 14 October 2014 and on or before 31 December 2017—

(a) into the name of a first-time purchaser only, for occupation as his or her place of residence, or

(b) into the names of more than one person, where each such person is a first-time purchaser only, for occupation as their place of residence;

‘relevant savings’ means—

(a) in the case of a relevant purchase, so much of the aggregate amount at any time of any relevant deposits held in the name of a first-time purchaser, individually or jointly with another first-time purchaser only, as does not exceed 20 per cent of the amount of the consideration paid in respect of the relevant purchase by the first-time purchaser, or

(b) in the case of a relevant completion, so much of the aggregate amount at any time of any relevant deposits held in the name of a first-time purchaser, individually or jointly with another first-time purchaser only, as does not exceed 20 per cent of the completion value of the dwelling;

‘relevant savings interest’ means relevant interest paid—

(a) in the case of a relevant purchase, at any time during the period of 48 months ending on the date of the relevant purchase by a first-time purchaser, to the first-time purchaser in respect of relevant savings, or

(b) in the case of a relevant completion, at any time during the period of 48 months ending on the relevant completion date, to the first-time purchaser in respect of relevant savings.

(2) Notwithstanding section 261(b), appropriate tax which—

(a) has been deducted from relevant savings interest paid to a first-time purchaser, and

(b) would not otherwise fall to be repaid under this section or any other provision of the Tax Acts,

shall be repaid to the first-time purchaser on the making of a claim by that first-time purchaser to the inspector in that behalf.”.

(2) This section has effect on and from 14 October 2014.

23. Amendment of section 267M of Principal Act (tax rate applicable to certain deposit interest received by individuals)

23. Section 267M of the Principal Act is amended in subsection (2) —

(a) in paragraph (a) by deleting “and subject to paragraph (b) ”, and

(b) by deleting paragraph (b).

24. Amendment of section 481 of Principal Act (relief for investment in films)

24. (1) Section 481 of the Principal Act (as amended by section 21 of the Finance Act 2013) is amended—

(a) in subsection (1), in paragraph (b) of the definition of “qualifying company”, by deleting “and distribution”,

(b) in subsection (2A)—

(i) in paragraph (b) —

(I) in subparagraph (ii) by inserting “, any company controlled by the producer company” after “qualifying company” where it first occurs,

(II) by deleting “or” before subparagraph (iii),

(III) in subparagraph (iii) by substituting “€125,000, or”, for “€200,000.”, and

(IV) by inserting the following after subparagraph (iii):

“(iv) the total cost of the production of the film is less than €250,000.”,

and

(ii) by substituting the following for paragraph (c):

“(c) Nothing in this section shall be construed as obliging the Revenue Commissioners to issue a certificate under paragraph (a).”,

and

(i) by substituting the following for paragraph (a):

“(a) unless the company, in relation to a qualifying film, following the date on which an application has been made under subsection (2A) (d), notifies the Revenue Commissioners in writing within 7 days of the first incurring of expenditure to which subsection (2A)(g)(iv) refers.”,

and

(ii) in paragraph (g)(i) by deleting “and distribution”.

(2) This section comes into operation on such day as the Minister for Finance may appoint by order.

25. Securities issued by company established under section 5 of Gas Regulation Act 2013

25. (1) The Principal Act is amended—

(a) in the Table to section 37 by inserting the following before “Securities issued on or after the 24th day of October 2013 by Irish Water.”:

“Securities issued on or after the 23rd day of October 2014 by the company established pursuant to section 5 of the Gas Regulation Act 2013.”,

and

(b) in section 607(1)(d) by inserting “the company established pursuant to section 5 of the Gas Regulation Act 2013,” before “Irish Water”.

(2) Subsection (1)(b) has effect as respects any securities issued by the company established pursuant to section 5 of the Gas Regulation Act 2013 on or after 23 October 2014.

26. Amendment of section 766 of Principal Act (tax credit for research and development expenditure)

26. Section 766 of the Principal Act is amended—

(a) in subsection (1)(a), in the definition of “qualifying group expenditure on research and development”, by substituting the following for “ ‘qualifying group expenditure on research and development’, in relation to a relevant period, shall be determined by the following formula—”:

“‘qualifying group expenditure on research and development’, in relation to—

(a) relevant periods commencing on or after 1 January 2015, shall have the same meaning as that assigned to ‘group expenditure on research and development’, and

(b) a relevant period commencing on or before 31 December 2014, shall be determined by the following formula—”,

and

(b) in subsection (7C)—

(i) in paragraph (a), by inserting “commencing on or after 1 January 2010” after “a relevant period” where it first occurs, and

(ii) in paragraph (a)(ii), by inserting “in the State” after “are carried on”.

27. Amendment of Part 16 of Principal Act (income tax relief for investment in corporate trades — employment and investment incentive and seed capital scheme)

27. (1) Part 16 of the Principal Act is amended—

(a) in section 488(1) —

(i) by inserting the following definition:

“‘internationally traded financial services’ means the services specified in the schedule to the Industrial Development (Service Industries) Order 2010 (S.I. No. 81 of 2010) other than those falling within the meaning of subparagraph (b) or (c) of the definition of ‘relevant trading activities’;”,

(ii) by substituting the following for the definition of “relevant period”:

“‘relevant period’, in relation to relief in respect of any eligible shares issued by a company, means—

(a) subject to paragraphs (b), (c) and (d), the period beginning on the date on which the shares were issued and ending 4 years after that date or, where the company was not at that date carrying on relevant trading activities, 4 years after the date on which it subsequently began to carry on such activities,

(b) as respects a relevant employment, the period beginning on the date on which the shares are issued or, if later, the date on which the employment commences and ending 12 months after that date,

(c) as respects a specified individual, the period beginning on the date on which the shares are issued and ending either one year after that date or, where the company was not at that date carrying on relevant trading activities, one year after the date on which it subsequently began to carry on such activities, and

(d) as respects sections 489(2)(b) and 501(1)(a)(iii) and the definitions of ‘average relevant amount’ and ‘employment relevant number’ in this subsection, the period beginning on the date on which the shares were issued and ending 3 years after that date or, where the company was not at that date carrying on relevant trading activities, 3 years after the date on which it subsequently began to carry on such activities;”,

(iii) in the definition of “relevant trading activities” by deleting paragraph (h), and

(iv) in the definition of “specified period” by substituting “4 years” for “3 years”,

(b) in section 489(2) —

(i) in paragraph (a) by substituting “thirty fortieths” for “thirty forty-firsts”, and

(ii) in paragraph (b) by substituting “ten fortieths” for “eleven forty-firsts”,

(i) in subsection (2) by substituting “€15,000,000” for “€10,000,000”,

(ii) in subsection (3) by substituting “€15,000,000” for “€10,000,000”, and

(iii) in subsection (4) by substituting “€5,000,000” for “€2,500,000”,

(d) in section 492(3) by substituting “4 years” for “3 years”,

(e) in section 494—

(i) in subsection (1) by deleting the definition of “assisted area”,

(ii) by substituting the following for subsection (4):

“(4) The company shall be a micro, small or medium-sized enterprise within the meaning of Annex 1 to Commission Regulation (EU) No. 651/2014 of 17 June 2014 ¹.”,

and

(iii) by substituting the following for subsection (5):

“(5) A company whose relevant trading activities includes internationally traded financial services shall not be a qualifying company unless it is in receipt of a certificate from Enterprise Ireland to the effect that its activities are of a kind specified in the schedule to the Industrial Development (Service Industries) Order 2010 (S.I. No. 81 of 2010).”,

(f) in section 501 by inserting the following after subsection (8):

“(9) A claim for relief under section 489(2) or 493 in respect of eligible shares in a company shall not be allowed unless, at the time the claim is made, the company qualifies for a tax clearance certificate within the meaning of section 1095.”,

and

(g) in section 507(1) by substituting the following for “section 7.1 of the Community Guidelines on State Aid to Promote Risk Capital Investments in Small and Medium-Sized Enterprises².”:

“section 5.4 of the Community Guidelines on State aid to promote risk finance investments ³.”.

(2)
(a) Paragraph (b) of subsection (1) shall apply for the year of assessment 2015 and subsequent years.

(b) Paragraphs (a) and (c) to (g) of subsection (1) shall come into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.

28. Amendment of Chapter 3 of Part 38 of Principal Act (other obligations and returns)

28. The Principal Act is amended in Chapter 3 of Part 38 by inserting the following after section 891E:

“Returns of certain information by financial institutions

891F. (1) This section provides for the collection and reporting of certain information in respect of financial accounts held by any person who is regarded by virtue of the laws of a jurisdiction other than the State as resident in that jurisdiction for the purposes of tax.

(2) In this section—

‘the standard’ means the Standard for Automatic Exchange of Financial Account Information approved on 15 July 2014 by the Council of the Organisation for Economic Cooperation and Development;

‘account holder’, ‘financial account’, ‘high value account’, ‘lower value account’, ‘reportable account’, ‘reporting financial institution’ and ‘TIN’ have the meanings respectively given to them by Section VIII of the standard.

(3) The Revenue Commissioners, with the consent of the Minister for Finance, may make regulations under this section with respect to the return by a reporting financial institution of information on reportable accounts held, managed or administered by that reporting financial institution.

(4) In addition to the specification in the regulations of a requirement that reporting financial institutions make a return to the Revenue Commissioners of information in relation to reportable accounts, regulations under this section may (without prejudice to the generality of subsection (3)) include provisions—

(a) determining the date by which a return required to be made under the regulations shall be made to the Revenue Commissioners,

(b) prescribing the manner in which returns are to be made,

(c) specifying the information to be reported in a return by the reporting financial institution, to the Revenue Commissioners, in relation to reportable accounts and, where different information is to be reported for different years, specifying the information to be reported for each of those years,

(d) specifying—

(i) the currency in which the reporting financial institution is required to report, and

(ii) the rules for conversion of amounts, denominated in another currency, into the currency, referred to in subparagraph (i), for the purposes of a return under the regulations,

(e) requiring reporting financial institutions to identify reportable accounts,

(f) specifying the records and documents that must be examined or obtained by the reporting financial institution to enable the institution to identify reportable accounts,

(g) specifying the records and documents used to identify reportable accounts that must be retained by the reporting financial institution,

(h) specifying additional requirements in relation to the examination of high value accounts and lower value accounts,

(i) setting out the circumstances in which a reporting financial institution is required to aggregate financial accounts held by the same individual or entity for the purposes of identifying reportable accounts as high value accounts or lower value accounts,

(j) specifying the actions to be taken by a reporting financial institution where there is a change in circumstances with respect to the account holder of a financial account,

(k) setting out the conditions under which a reporting financial institution may appoint a third party as its agent to carry out the duties and obligations imposed on it by the regulations,

(l) setting out the circumstances in which a reporting financial institution may make a nil return,

(m) imposing an obligation on—

(i) a reporting financial institution to obtain a TIN from any person—

(I) with whom the institution enters into a contractual relationship, or

(II) for whom the institution undertakes any transaction, on or after a date specified in the regulations, which shall not be earlier than the commencement of the regulations (and such persons are in this paragraph referred to as ‘customers’) for the purposes of including that number in a return under the regulations,

and

(ii) customers to provide a reporting financial institution with their TIN on request by the reporting financial institution where, on or after a date specified in the regulations—

(I) such customers enter into a contractual relationship with the reporting financial institution, or

(II) the reporting financial institution undertakes any transaction for such customers,

being respectively—

(A) a relationship which results in the opening, operation, administration or management of a financial account, or

(B) a transaction which arises in relation to a financial account,

(n) defining ‘books’ and ‘records’ for the purposes of the regulations,

(o) in relation to any of the matters specified in the preceding paragraphs, determining the manner of keeping records and setting the period for the retention of records so kept,

(p) enabling the authorisation of Revenue officers, for the purpose of such officers—

(i) requiring—

(I) the production of books, records or other documents,

(II) the provision of information, explanations and particulars, and

(III) persons to give all such assistance as may reasonably be required and as is specified in the regulations,

in relation to financial accounts within such time as may be specified in the regulations, and

(ii) making extracts from or copies of books, records or other documents or requiring that copies of such books, records and documents be made available,

and

(q) specifying such supplemental and incidental matters as appear to the Revenue Commissioners to be necessary—

(i) to enable persons to fulfil their obligations under the regulations, or

(ii) for the general administration and implementation of the regulations, including—

(I) delegating to a Revenue officer the authority to perform any acts and discharge any functions authorised by this section or the regulations to be performed or discharged by the Revenue Commissioners, and

(II) the authorisation by the Revenue Commissioners of Revenue officers to exercise any powers, to perform any acts or to discharge any functions conferred by this section or by the regulations.

(5) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(6) A Revenue officer authorised for the purpose of regulations under this section may at all reasonable times enter any premises or place of business of a reporting financial institution for the purposes of—

(a) determining whether information—

(i) included in a return made under the regulations by the reporting financial institution was correct and complete, or

(ii) not included in such a return was correctly not so included,

or

(b) examining the procedures put in place by the reporting financial institution for the purposes of ensuring compliance with that institution’s obligations under the regulations.

(7)

(a) Section 898O shall apply to—

(i) a failure by a reporting financial institution to deliver a return required under regulations made under this section, and

(ii) the making of an incorrect or incomplete return under those regulations,

as it applies to a failure to deliver a return or to the making of an incorrect or incomplete return referred to in section 898O.

(b) A person who does not comply with—

(i) the requirements of a Revenue officer in the exercise or performance of the officer’s powers or duties under this section or under regulations made under this section, or

(ii) any requirement of such regulations,

shall be liable to a penalty of €1,265.

(8) Section 4 of the Post Office Savings Bank Act 1861 shall not apply to the disclosure of information required to be included in a return made under the regulations made under this section and, accordingly, this section shall apply to information to which, but for this subsection, the said section 4 would apply.

(9) Where arrangements are entered into by any person and the main purpose or one of the main purposes of the arrangements, or any part of them, is the avoidance of any of the obligations imposed under this section or regulations thereunder, then this section and those regulations shall apply as if the arrangements, or that part of them, had not been entered into.

(10) Any word or expression which has a meaning given to it by Section VIII of the standard shall, where it is used in regulations made under this section and unless the contrary intention appears, have the same meaning in those regulations as it has in that Section VIII.”.

29. Real estate investment trusts

29. (1) The Principal Act is amended—

(a) in section 617(1), by substituting the following for paragraph (c)(ii):

“(ii) is not—

(I) an authorised investment company (within the meaning of Part XIII of the Companies Act 1990) that is an investment undertaking (within the meaning of section 739B), or

(II) a Real Estate Investment Trust (within the meaning of section 705A) or a member of a group Real Estate Investment Trust (within the meaning of section 705A),”,

(b) in section 705E—

(i) by inserting the following after subsection (3):

“(3A)

(a) Where at any time a company becomes a member of a group subsequent to the date of a notice given under subsection (2) by the principal company of that group, the principal company shall give an amended notice to the Revenue Commissioners within the period of 30 days after the date on which that company became a member of the group.

(b) An amended notice under this section is a notice in writing—

(i) specifying a date from which that company is to be a member of the group REIT, which date shall not be a date earlier than the date of the amended notice, and

(ii) containing a statement that each of the conditions in paragraph (b) of section 705B(1) in relation to the group REIT is reasonably expected to be met at the end of the accounting period in which the principal company gives the amended notice.

(c) An amended notice shall list all of the members of the group, to each of which the group REIT designation will apply.

(d) Where the principal company does not, in accordance with this subsection, give to the Revenue Commissioners an amended notice, the provisions of section 705O shall apply as if the group REIT had given a notice under subsection (1) of that section specifying the date at the end of the period specified in paragraph (a) as the date from which it would cease to be a group REIT.”,

and

(ii) in paragraph (a) of subsection (4), by substituting “this section” for “subsection (3) ”,

and

“(3) Notwithstanding Chapter 4 of Part 8, that Chapter shall apply to a deposit (within the meaning of that Chapter) to which a REIT or a member of a group REIT is for the time being entitled as if such deposit were not a relevant deposit within the meaning of that Chapter.”.

(2) Subsection (1)(a) shall apply as respects any disposal on or after 23 October 2014.

30. Amendment of Part 27 of Principal Act (unit trusts and offshore funds)

30. Part 27 of the Principal Act is amended by substituting the following for Chapter 5:

“Chapter 5

Relevant UCITS and Relevant AIF

Tax treatment of a relevant UCITS or a relevant AIF

747G. (1) In this section—

‘AIF’ means an alternative investment fund within the meaning of the relevant AIFM Directives;

‘AIFM’ means alternative investment fund manager;

‘alternative investment fund manager’ means a person whose regular business is managing one, or more than one, AIF;

‘branch or agency’ has the same meaning as in section 4;

‘EEA state’ has the same meaning as in section 747B;

‘management company’, in relation to a relevant UCITS, means a management company within the meaning of the relevant UCITS Directives;

‘relevant AIF’ means an AIF which is formed under the laws of a jurisdiction other than the State and which is not an investment undertaking within the meaning of section 739B;

‘relevant AIFM Directives’ means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 ⁴ on Alternative Investment Fund Managers and any Directive amending that Directive;

‘relevant profits’, in relation to a relevant UCITS or a relevant AIF, means the profits which would be relevant profits (within the meaning of section 739B) if the relevant UCITS or the relevant AIF were an investment undertaking (within the meaning of that section);

‘relevant UCITS’ means an undertaking for collective investment in transferable securities—

(a) to which the relevant UCITS Directives apply, and

(b) which is formed under the laws of any Member State other than the State and which is not an investment undertaking within the meaning of section 739B;

‘relevant UCITS Directives’ means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 ⁵ on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), and any Directive amending that Directive.

(2) Notwithstanding anything in the Tax Acts and the Capital Gains Tax Acts—

(a) a relevant UCITS which is managed by a management company authorised under any laws of the State which implement the relevant UCITS Directives, or

(b) a relevant AIF which is managed—

(i) by an AIFM authorised under any laws of the State which implement the relevant AIFM Directives, or

(ii) through a branch or agency in the State of an AIFM authorised under the laws of an EEA state,

shall not be chargeable to tax under those Acts in respect of so much of relevant profits as would be, apart from this subsection, so chargeable solely by virtue of the relevant UCITS or the relevant AIF, as the case may be, being so managed.

(3) An interest in a relevant UCITS or a relevant AIF shall be treated for the purposes of this Part as an interest in a company, scheme or arrangement specified in section 743(1).”.

31. Cessation of certain provisions of Principal Act relating to windfall tax on land rezonings

31. Part 22 of the Principal Act is amended—

(a) in section 644AB by substituting the following for subsection (11):

“(11) This section shall apply as respects the years of assessment 2010 to 2014.”,

and

(b) in section 649B by substituting the following for subsection (6):

“(6) This section shall apply to relevant disposals made in the period beginning on 30 October 2009 and ending on 31 December 2014.”.

32. Amendment of Chapter 13 of Part 10 of Principal Act (living city initiative)

32. The Principal Act is amended in Chapter 13 (inserted by section 30 of the Finance Act 2013) of Part 10—

(a) in section 372AAA—

(i) by substituting the following for the definition of “relevant house”:

“‘relevant house’ means a building constructed before 1915 for use as a dwelling;”,

and

(ii) by inserting the following definitions:

“‘PPS number’ and ‘tax reference number’ have the same meanings respectively as in section 477B(1);”,

(b) in section 372AAB by inserting the following after subsection (2):

“(2A) Relief under this section shall not be given unless the following information is provided to the Revenue Commissioners as part of the claim, referred to in subsection (2), made by the individual:

(a) the name and PPS number of the individual making the claim;

(b) the address of the qualifying premises in respect of which the qualifying expenditure was incurred;

(c) the unique identification number (if any) assigned to the qualifying premises under section 27 of the Finance (Local Property Tax) Act 2012; and

(d) details of the aggregate of all qualifying expenditure incurred by the individual in respect of the qualifying premises.

(2B) Any claim made, or information required to be provided, to the Revenue Commissioners under this section, shall be made or provided by electronic means and through such electronic systems as the Revenue Commissioners may make available for the time being for any such purpose.”,

and

(i) in subsection (1) —

(I) by substituting the following for the definition of “qualifying expenditure”:

“‘qualifying expenditure’, in relation to capital expenditure incurred in the qualifying period on the conversion or the refurbishment of a qualifying premises and subject to subsection (1A), means, notwithstanding section 279, the lesser of—

(a) the aggregate of all such capital expenditure, and

(b) (i) where the person who incurred the capital expenditure is a company, €1,600,000, or

(ii) where the person who incurred the capital expenditure is an individual, €400,000,

and, for the purposes of giving relief under this section, any reference to expenditure being incurred shall include a reference to expenditure deemed under any provision of Part 9 to be incurred.”,

and

(II) by substituting the following for paragraph (b) of the definition of “qualifying premises”:

“(b) is—

(i) in use for the purposes of the retailing of goods or the provision, only within the State, of services, or

(ii) let on bona fide commercial terms for such use as is referred to in subparagraph (i) and for such consideration as might be expected to be paid in a letting of the building or structure negotiated on an arm’s length basis,

but does not include any part of a building or structure in use as or as part of a dwelling house.”,

(ii) by inserting the following after subsection (1):

“(1A) Notwithstanding the definition of qualifying expenditure in subsection (1), where capital expenditure is incurred in the qualifying period on a qualifying premises by 2 or more persons, being either individuals or companies or individuals and companies, the amount of expenditure which is to be treated as qualifying expenditure incurred by each person for the purposes of this section, shall, if necessary and notwithstanding section 279, be reduced, such that the amount determined by the formula—

(A x 50 per cent) + (B x 12½ per cent)

does not exceed €200,000,

where—

A is the aggregate of all qualifying expenditure incurred by the individual or

individuals, and

B is the aggregate of all qualifying expenditure incurred by the company or

companies.”,

(iii) in subsection (2)(a) by substituting “Subject to paragraph (b) and subsections (4) to (8) ” for “Subject to paragraph (b) and subsections (3) to (8) ”,

(iv) by deleting subsection (3), and

(v) by inserting the following after subsection (6):

“(6A) Relief under this section shall not be given unless the following information is provided to the Revenue Commissioners before the first claim is made by the person in accordance with subsection (2):

(a) the name, address and tax reference number of the person making the claim;

(b) the address of the qualifying premises in respect of which the qualifying expenditure was incurred;

(c) details of the aggregate of all qualifying expenditure incurred by the person in respect of the qualifying premises; and

(d) a brief description of the nature of the retail or other service which is provided or is to be provided in the qualifying premises.

(6B) Any information required to be provided to the Revenue Commissioners under this section shall be provided by electronic means and through such electronic systems as the Revenue Commissioners may make available for the time being for such purpose.”.

33. Amendment of section 268 of Principal Act (meaning of “industrial building or structure”)

33. (1) Section 268 of the Principal Act is amended by inserting the following after subsection (5):

“(5A) Notwithstanding paragraph (n) of subsection (1), expenditure incurred by a person on the construction of a building or structure to which that paragraph applies, shall not be treated as expenditure on an industrial building or structure for the purposes of this Part unless—

(a) the building or structure is situated in an area specified in the National Regional Aid Map for the State in relation to the period 1 July 2014 to 31 December 2020, approved under Commission Decision No. N3153/2014 of 21 May 2014 ⁶, and

(b) the expenditure satisfies all of the relevant conditions set out in the European Commission Guidelines on regional state aid for 2014 - 2020, adopted on 19 June 2013 ⁷, and

(c) the following information has been provided to the Revenue Commissioners before the first claim for a writing down allowance is made, in accordance with section 272, by the person who incurred expenditure on the construction of the building or structure:

(i) the name, address and tax reference number (within the meaning of section 477B(1)) of the person making the claim;

(ii) the address of the building or structure in respect of which the expenditure was incurred or deemed to have been incurred; and

(iii) details of the aggregate of the amount of all expenditure incurred or deemed to have been incurred by the person in respect of which the claim is to be made.

(5B) Notwithstanding any obligation to the contrary imposed on them by section 851A, the Revenue Commissioners may furnish to one or more persons such information as is referred to in subsection (5A)(c) where the Revenue Commissioners are satisfied that doing so is reasonably related to achieving the following objective.

(5C) The objective mentioned in subsection (5B) is ensuring that any claim to relief in respect of expenditure which has been incurred or deemed to have been incurred on the construction of a building or structure to which subsection (1)(n) applies is in compliance with the Guidelines referred to in subsection (5A)(b).

(5D) The Minister for Finance shall, after consultation with the Revenue Commissioners, draw up—

(a) guidelines for determining whether, and to what extent, expenditure incurred by a person is to be treated as expenditure on the construction of a building or structure to which subsection (1)(n) applies, and

(b) guidelines (being guidelines that are expressed to be for the purpose, and which shall operate for the purpose, of enabling full regard to be had to the Guidelines referred in to subsection (5A)(b) as concerns the operation of that provision) whether the foregoing expenditure qualifies for a writing down allowance in accordance with the last-mentioned Guidelines, with particular regard (but not limited) to—

(i) any restrictions that may apply as respects aid to firms in difficulties,

(ii) the maximum level of aid intensity permitted for enterprises, and

(iii) any restrictions that may apply to aid aimed at a reduction of current expenses of an undertaking.

(5E) In determining a claim to a writing down allowance that is made in respect of expenditure on the construction of a building or structure, being expenditure claimed to be expenditure to which subsection (1)(n) applies, regard shall be had to whether each of the provisions that are set out in the guidelines drawn up under subsection (5D)(a) and (b) concerning the building or structure and the expenditure, respectively, has been satisfied.”.

(2) This section comes into operation on such day as the Minister for Finance may by order appoint.

34. Amendment of section 812 of Principal Act (taxation of income deemed to arise from transfers of right to receive interest from securities)

34. (1) Section 812 of the Principal Act is amended by inserting the following after subsection (4):

“(5) This section shall not apply—

(a) where the interest would not be chargeable to tax in the State had it been received by the owner or the beneficiary, as the case may be, at any time in the period commencing with the date of the sale or transfer of the right to receive the interest and ending on the date the interest was paid, or

(b) where the owner or the beneficiary, as the case may be, is a person carrying on a trade, profession or business, the profits of which are chargeable to income tax or corporation tax computed in accordance with the provisions or principles applicable to Case I or Case II of Schedule D, and the consideration for the sale or transfer is taken into account in computing, for the purposes of assessment to income tax or corporation tax, the profits of that trade, profession or business.”.

(2) This section applies to a sale or transfer of the right to receive particular interest payable where that sale or transfer takes place after 23 October 2014.

35. Amendment of Part 26 (life assurance companies) and Part 27 (unit trusts and offshore funds) of Principal Act

35. (1) Chapter 6 of Part 26 of the Principal Act is amended—

(a) in section 730J by substituting the following for paragraph (a):

“(a) where the person is not a company—

(i) the rate of income tax to be charged on the income represented by the payment, where the payment is not made in consideration of the disposal, in whole or in part, of the foreign life policy, shall, notwithstanding section 15, be—

(I) subject to subparagraph (ii), in the case of a foreign life policy which is a personal portfolio life policy, at the rate of 60 per cent, and

(II) in any other case, at the rate of 41 per cent,

and

(ii) in the case of a foreign life policy which is a personal portfolio life policy and the income represented by the payment is not correctly included in a return made by the person, the income shall, notwithstanding section 15, be charged to income tax at the rate of 80 per cent,”,

and

(b) in section 730K, in subsection (1), by substituting the following for all of the words from and including “and details of” to the end of that subsection:

“then, notwithstanding section 594, the amount of the gain shall be treated as an amount of income chargeable to tax under Case IV of Schedule D, and where the person is not a company the rate of income tax to be charged on that income shall, notwithstanding section 15, be—

(a) (i) subject to paragraph (b), in the case of a foreign life policy which is a personal portfolio life policy, at the rate of 60 per cent, and

(ii) in any other case, at the rate of 41 per cent,

and

(b) in the case of a foreign life policy which is a personal portfolio life policy and the details of the disposal are not correctly included in a return made by the person, at the rate of 80 per cent.”.

(2) Chapter 4 of Part 27 of the Principal Act is amended—

(a) in section 747D by substituting the following for paragraph (a):

“(a) where the person is not a company—

(i) the rate of income tax to be charged on the income represented by the payment, where the payment is not made in consideration of the disposal of an interest in the offshore fund, shall, notwithstanding section 15, be—

(I) subject to subparagraph (ii), in the case of an offshore fund which is a personal portfolio investment undertaking, at the rate of 60 per cent, and

(II) in any other case, at the rate of 41 per cent,

and

(ii) in the case of an offshore fund which is a personal portfolio investment undertaking and the income represented by the payment is not correctly included in a return made by the person, the income shall, notwithstanding section 15, be charged to income tax at the rate of 80 per cent,”,

and

(b) in section 747E(1) by substituting the following for paragraph (b):

“(b) where the person is not a company, the rate of income tax to be charged on that income shall, notwithstanding section 15, be—

(i) in the case of an offshore fund which is a personal portfolio investment undertaking—

(I) subject to clause (II), at the rate of 60 per cent, and

(II) where the details of the disposal are not correctly included in a return made by the person, at the rate of 80 per cent,

and

(ii) in any other case, at the rate of 41 per cent.”.

Chapter 5 Corporation Tax

36. Amendment of section 80A of Principal Act (taxation of certain short-term leases plant and machinery)

36. Section 80A of the Principal Act is amended in subsection (2A)—

(a) in paragraph (c) by inserting “for specified periods ending on or before 31 December 2014,” before “the amount”,

(b) in paragraph (f) by substituting “reasonable,” for “reasonable, and”,

(d) by inserting the following after paragraph (g):

“(h) for any specified period ending on or after 1 January 2015, the amount of the wear and tear allowance to be made to the company in accordance with paragraph (a) shall not exceed the amount of amortisation or impairment charged to the profit and loss account in that specified period.”.

37. Amendment of Schedule 4 to Principal Act (exemption of specified non-commercial State-sponsored bodies from certain tax provisions)

37. (1) Schedule 4 to the Principal Act is amended—

(a) by inserting the following after paragraph 27A:

“27B. The Credit Union Restructuring Board.”,

and

(b) by inserting the following after paragraph 47:

“47A. The Health and Social Care Professionals Council.”.

(2)
(a) Paragraph (a) of subsection (1) is deemed to have come into force and have taken effect as on and from 1 January 2013.

(b) Paragraph (b) of subsection (1) is deemed to have come into force and have taken effect as on and from 20 March 2007.

38. Amendment of section 285A of and Schedule 4A to Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment)

38. The Principal Act is amended—

(a) in section 285A(1), in the definition of “relevant period”, by substituting “31 December 2017” for “31 December 2014”, and

(b) by substituting the following for Schedule 4A:

“SCHEDULE 4A

TABLE

(Class of Technology) (1) (Description) (2) (Minimum Amount) (3)

Motors and Drives Electric motors and drives designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

Lighting Lighting equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €3,000

Building Energy Management Systems Building energy management systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €5,000

Information and Communications Technology (ICT) ICT equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

Heating and Electricity Provision Heating and electricity provision equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

Process and Heating, Ventilation and Air-conditioning (HVAC) Control Systems Process and heating, ventilation and air-conditioning (HVAC) equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

Electric and Alternative Fuel Vehicles Electric and alternative fuel vehicles and equipment designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

Refrigeration and Cooling Systems Refrigerating and cooling equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

Electro-mechanical Systems Electro-mechanical equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

Catering and Hospitality Equipment Catering and hospitality equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria. €1,000

”.


(Class of Technology) (1)	(Description) (2)	(Minimum Amount) (3)
Motors and Drives	Electric motors and drives designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000
Lighting	Lighting equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€3,000
Building Energy Management Systems	Building energy management systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€5,000
Information and Communications Technology (ICT)	ICT equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000
Heating and Electricity Provision	Heating and electricity provision equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000
Process and Heating, Ventilation and Air-conditioning (HVAC) Control Systems	Process and heating, ventilation and air-conditioning (HVAC) equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000
Electric and Alternative Fuel Vehicles	Electric and alternative fuel vehicles and equipment designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000
Refrigeration and Cooling Systems	Refrigerating and cooling equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000
Electro-mechanical Systems	Electro-mechanical equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000
Catering and Hospitality Equipment	Catering and hospitality equipment and systems designed to achieve high levels of energy efficiency and that meet specified efficiency criteria.	€1,000

39. Amendment of section 486C of Principal Act (relief from tax for certain start-up companies)

39. Section 486C of the Principal Act is amended in subsection (2)(a) by substituting “31 December 2015” for “31 December 2014”.

40. Amendment of Chapter 2 of Part 9 of Principal Act (machinery or plant: initial allowances, wear and tear allowances, balancing allowances and balancing charges)

40. (1) Chapter 2 of Part 9 of the Principal Act is amended—

(a) in section 288 by substituting the following for subsection (3C):

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